BitcoinShort
BTCUSD possible Elliot ending diagonal
Possible ending diagonal might be forming now. If it completes (watch for RSI divergence at the last wave) correction is possible: The depth of the correction probably will end in previous (lower level wave 4). If that breaks there is a support at ~3890. If that breaks wave 4 will be converted to wave C and downtrend will continue (see linked TA).
Reasoning: It's hard to explain wave 2 of the marked ending diagonal otherwise. Other possible scenario includes we are in wave III (that case III = I and IV = II). This case we will experience a small scale (probably sideways) correction.
Comments are welcome.
Reasoning: It's hard to explain wave 2 of the marked ending diagonal otherwise. Other possible scenario includes we are in wave III (that case III = I and IV = II). This case we will experience a small scale (probably sideways) correction.
Comments are welcome.
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